advice needed end of mortgage fixed term is up

karenn1957

Hi, i am currently with the halifax for my mortgage and my current fixed rate deal as expired, im in a bit of quandry as what to do for the best, the house is in my sole name and i work full time. Basically i earn 13168k p.a plus a further 3500k which i earn from renting a room. my current mortgage is 54000k and the value of the property would be around 195k (£235k prior to recession)i had a default which was paid in full in november 2004 so should not be a problem. i am right in thinking if i wanted to remortgage i would be turned down as i wouldnt earn enough to cover the mortgage even though i have 150k equity? or would i be able to remortgage.
any advice gratefully received
:j:p:D

Thrugelmir

karenn1957 wrote: »

i am right in thinking if i wanted to remortgage i would be turned down as i wouldnt earn enough to cover the mortgage even though i have 150k equity?

The amount of equity you has no impact on whether a mortgage is affordable or not.

What are you hoping to achieve by remortgaging?

Crinz

If you mean remortgaging with Halifax then you dont need to prove income or anything as they already have the mortgage.
If you did mean this then this isnt 'remortgaging' in the true sense of the word. This is just getting a new deal.

If you remortgaged to another company (the correct use of the word) then you would have to prove your income but without more information we couldnt tell you how likely you would be to be accepted.

Is the default fully removed form your file? Any other debts?

karenn1957

Yes its fully removed...as from last month.i have credit cards but no arrears or missed payments. i would like to be able to borrow some extra to pay off credit cards and therefore minimise monthly outgoings...
Thanks